Press Release

10/29/05
UAL Corp. the holding company whose primary subsidiary is United Airlines, today reported its third-quarter 2005 financial results.

UAL reported third-quarter operating earnings of $165 million, $245 million better than the same quarter last year, despite higher fuel prices for the mainline and regional affiliates negatively impacting fuel expense by $405 million year-over-year.

UAL reported a net loss of $1.8 billion, or a loss per basic share of $15.26, which includes $1.8 billion in reorganization items. The company believes the best indicator of United's post-reorganization financial performance is provided by reviewing operating and net earnings excluding restructuring charges. Excluding the reorganization items, UAL earned a net profit for the third quarter totaling $68 million.

"United is a fundamentally better company today with sustainable improvements across the business and solid operational performance. The results we are reporting make it clear that we have done well this quarter in overall cost control, especially given the significant reduction in capacity," said Glenn Tilton, United's CEO. "There is more work to do--and opportunity to be gained--as United becomes even more vigorously competitive in generating revenue and reducing costs."